Stirol foregoes 2008 dividend payout

Stirol (STIR) shareholders decided, at an EGM last week, to allocate 100% of 2008 net income (UAH 591.1 mln) to development and to defray its 2009 net loss, Interfax reported yesterday. Stirol reported 2008 net revenue of UAH 4.29 bln (up 59.6% yoy), gross income of UAH 1.27 bln (up 2.3x yoy) and net income of UAH 591.1 mln (up 2.7x yoy). Stirol is Ukraine’s largest producer of nitrogen fertilizers.